UWM Holdings Corporation Announces Third Quarter 2026 Results
UWM Holdings Corp (UWMC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 UWM Holdings Corporation Announces Third Quarter 2026 Results Loan Origination Volume of $33.4 Billion. Net Income of $212.6 million. PONTIAC, MI, November 4, 2026 - UWM Holdings Corporation (NYSE: UWMC) (“UWMC” or the “Company”), the publicly traded indirect parent
How this was made
The 30-second read
Why it matters
The earnings release provides fresh guidance on loan volume trends and profitability, influencing investor sentiment and sector positioning.
Market read
First‑report earnings for a large-cap mortgage lender; likely to move the stock and affect mortgage‑related equities.
What to watch
AI investments and new ChatUWM products may drive future efficiency gains not reflected in current numbers.
Third-quarter total revenue was $811.1 million, net income was $212.6 million, and loan origination volume was $33.4 billion.
UWMC returned to net income of $212.6 million from a net loss in 2Q26 and reported higher loan servicing income and mortgage servicing rights, but origination volume, total revenue, total gain margin, adjusted EBITDA, purchase originations, and refinance originations were below both 2Q26 and 3Q25.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Loan origination volume, Q3 2026other | $33.39B | – | – |
| Purchase originations, Q3 2026other | $22.77B | – | – |
| Refinance originations, Q3 2026other | $10.63B | – | – |
| Total gain margin, Q3 2026other | 1.24% | – | – |
| Loan production income, Q3 2026GAAP | $415.0M | – | – |
| Loan servicing income, Q3 2026GAAP | $246.6M | – | – |
| Interest income, Q3 2026GAAP | $149.5M | – | – |
| Total revenue, Q3 2026GAAP | $811.1M | – | – |
| Change in fair value of mortgage servicing rights, Q3 2026GAAP | $470.3M | – | – |
| Gain (loss) on other interest rate derivatives, Q3 2026GAAP | −$481.5M | – | – |
| Other gains (losses), net, Q3 2026GAAP | −$11.21M | – | – |
| Salaries, commissions and benefits, Q3 2026GAAP | $197.7M | – | – |
| Direct loan production costs, Q3 2026GAAP | $52.57M | – | – |
| Marketing, travel, and entertainment, Q3 2026GAAP | $32.55M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $14.61M | – | – |
| General and administrative expense, Q3 2026GAAP | $74.07M | – | – |
| Servicing costs, Q3 2026GAAP | $34.06M | – | – |
| Interest expense, Q3 2026GAAP | $164.8M | – | – |
| Total expenses, Q3 2026GAAP | $576.2M | – | – |
| Earnings (loss) before income taxes, Q3 2026GAAP | $223.7M | – | – |
| Provision (benefit) for income taxes, Q3 2026GAAP | $11.13M | – | – |
| Net income (loss), Q3 2026GAAP | $212.6M | – | – |
| Net income (loss) attributable to UWM Holdings Corporation, Q3 2026GAAP | $55.52M | – | – |
| Net income (loss) available to Class A common shareholders, Q3 2026GAAP | $29.40M | – | – |
| Diluted earnings (loss) per share, Q3 2026GAAP | $ 0.09 | – | – |
| Adjusted net income (loss) available to Class A Common Shareholders, Q3 2026non-GAAP | $158.1M | – | – |
| Adjusted diluted earnings (loss) per share, Q3 2026non-GAAP | 0.10 | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $178.3M | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $420.4M | – | – |
| Mortgage loans at fair value, September 30, 2026GAAP | $8.63B | – | – |
| Mortgage servicing rights, September 30, 2026GAAP | $6.53B | – | – |
| Total assets, September 30, 2026GAAP | $18.81B | – | – |
| Total equity, September 30, 2026GAAP | $1.32B | – | – |
| Total redeemable preferred stock, September 30, 2026GAAP | $1.50B | – | – |
| Net non-funding debt, September 30, 2026non-GAAP | $4.98B | – | – |
| Total preferred and common equity, September 30, 2026non-GAAP | $2.82B | – | – |
| Net non-funding debt to total preferred and common equity, September 30, 2026non-GAAP | 1.77 | – | – |
| Unpaid principal balance of mortgage servicing rights, September 30, 2026other | $269.8B | – | – |
| Mortgage servicing rights weighted average interest rate, September 30, 2026other | 5.97 % | – | – |
| Mortgage servicing rights weighted average age, September 30, 2026other | 16 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- Preferred stock dividends: $ 26,125 (in thousands) in Q3 2026.
- Total redeemable preferred stock: $1.5 billion at September 30, 2026.
What drove it
- Loan servicing income was $ 246,621 (in thousands), compared to $ 220,503 (in thousands) in Q2 2026 and $ 169,019 (in thousands) in Q3 2025.
- The change in fair value of mortgage servicing rights was $ 470,324 (in thousands), compared to $ (122,683) (in thousands) in Q2 2026 and $ (307,825) (in thousands) in Q3 2025.
- UWM announced ChatUWM enhancements, the ChatUWM mobile app, and a Mortgage Matchup plugin for ChatGPT.
- UWM stated it was the first mortgage lender to offer VantageScore® 4.0 and that approximately 25% of borrowers have experienced a more advantageous credit result.
Concerns
- Loan origination volume was $ 33,393,756 (in thousands), compared to $ 39,702,264 (in thousands) in Q2 2026 and $ 41,742,070 (in thousands) in Q3 2025.
- Total gain margin was 1.24%, compared to 1.33 % in Q2 2026 and 1.30% in Q3 2025.
- Refinance originations were $ 10,625,618 (in thousands), compared to $ 15,929,671 (in thousands) in Q2 2026 and $ 16,528,587 (in thousands) in Q3 2025.
- Interest expense was $ 164,816 (in thousands), compared to $ 158,939 (in thousands) in Q2 2026 and $ 132,084 (in thousands) in Q3 2025.
- Net non-funding debt was $ 4,983,299 (in thousands), compared to $ 3,041,425 (in thousands) in Q3 2025.
What to watch
- Loan origination volume and total gain margin, which management identifies as key operational metrics.
- Purchase and refinance origination volumes.
- Loan servicing income and the unpaid principal balance of mortgage servicing rights.
- The change in fair value of mortgage servicing rights and gains or losses on other interest rate derivatives.
- Available liquidity, net non-funding debt, and net non-funding debt to total preferred and common equity.
Balance sheet and cash flow
- Ended 3Q26 with approximately $1.35 billion of available liquidity, reflecting $394.8 million of unrestricted cash plus available borrowing capacity under secured and unsecured lines of credit.
- Cash and cash equivalents were $ 420,420 (in thousands) at September 30, 2026.
- Total assets were $ 18,810,561 (in thousands) at September 30, 2026.
- Warehouse lines of credit were $ 7,650,963 (in thousands) at September 30, 2026.
- Senior notes were $ 2,985,505 (in thousands) at September 30, 2026.
- Secured line of credit was $ 2,290,000 (in thousands) at September 30, 2026.
Analysis
UWMC reported Q3 2026 total revenue of $ 811,093 (in thousands), compared with $ 888,003 (in thousands) in Q2 2026 and $ 843,252 (in thousands) in Q3 2025. Loan origination volume was $ 33,393,756 (in thousands), below $ 39,702,264 (in thousands) in Q2 2026 and $ 41,742,070 (in thousands) in Q3 2025. Purchase originations and refinance originations were each lower than both comparison periods, while total gain margin was 1.24%, versus 1.33 % in Q2 2026 and 1.30% in Q3 2025.
The revenue mix showed loan production income of $ 414,976 (in thousands), loan servicing income of $ 246,621 (in thousands), and interest income of $ 149,496 (in thousands). Loan servicing income was higher than $ 220,503 (in thousands) in Q2 2026 and $ 169,019 (in thousands) in Q3 2025. Mortgage servicing rights were $ 6,527,159 (in thousands) at September 30, 2026, and the unpaid principal balance was $ 269,788,104 (in thousands) with a weighted average interest rate of 5.97 %.
GAAP net income was $ 212,570 (in thousands), compared with a net loss of $ (451,902) (in thousands) in Q2 2026 and net income of $ 12,088 (in thousands) in Q3 2025. The quarter included a $ 470,324 (in thousands) change in fair value of mortgage servicing rights and a $ (481,537) (in thousands) loss on other interest rate derivatives. Total expenses were $ 576,179 (in thousands), below $ 635,050 (in thousands) in Q2 2026 but above $ 550,570 (in thousands) in Q3 2025. Adjusted EBITDA was $ 178,261 (in thousands), compared with $ 185,879 (in thousands) in Q2 2026 and $ 211,073 (in thousands) in Q3 2025.
Liquidity was approximately $1.35 billion, including $394.8 million of unrestricted cash and available borrowing capacity. Cash and cash equivalents were $ 420,420 (in thousands), while net non-funding debt was $ 4,983,299 (in thousands) and the net non-funding debt-to-total preferred and common equity ratio was 1.77. Total preferred and common equity was $ 2,819,061 (in thousands), including $ 1,500,150 (in thousands) of redeemable preferred stock. The release provided no quantitative forward guidance, leaving origination volumes, gain margin, servicing income, MSR valuation changes, derivatives results, and liquidity as the principal reported items to monitor.
Management, verbatim
O ur third quarter results show the strength of UWM and our ability to perform in any market. Even with rates staying higher, our origination engine, operational execution and service levels continue to set us apart. At the same time, the investments we’re making in artificial intelligence and technology are driving greater efficiencies across the business and helping lower expenses. The broker channel continues to show its strength and resiliency, and we’re going to keep investing in our business, helping mortgage brokers win and finding ways to make homeownership more affordable for consumers across the U.S.
Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC
Not in the filing
stated, not guessed- Forward revenue guidance
- Forward gross margin guidance
- Forward operating expense guidance
- Forward tax rate guidance
- Other quantitative forward guidance
- Prior-release outlook for comparison
- Operating income
- Gross margin
- Operating cash flow
- Free cash flow
- Share repurchases
- Common-stock dividend
- Reportable segment revenue
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
UWM Holdings Corp is the publicly traded parent of United Wholesale Mortgage, a major U.S. mortgage originator.
Ticker impact
UWM Holdings Corp reported Q3 2026 earnings with $33.4B loan origination volume, $212.6M net income and revenue decline, a primary disclosure via SEC 8‑K.
potential modest upside as profit beats expectations, but revenue decline may limit gains
First‑report earnings numbers provide new data; market will price the profit beat versus revenue miss.
Market effects
Mortgage lending sector may see pressure on margins as gain margin narrows.
U.S. mortgage market participants could adjust exposure to UWM's performance.
Limited; primarily affects U.S. residential mortgage financing.
Counterpoint
Revenue decline and margin compression could signal deeper weakness, suggesting a short bias.
Key entities
- companyUWM Holdings Corp
Public mortgage originator reporting Q3 2026 results.
